BY RAJ SHAH*
Atlanta, GA, May 9, 2020: The current COVID19 situation has caused severe losses to individuals, families, small and large businesses. Its impact on small businesses like motels, hotels, C-stores has been significant, making it hard for them to survive and look at cost saving options.
If you are a small business owner or own a commercial property, one cost-saving option is to look at your Property Taxes. Many business owners assume property tax is a fixed expense. Not many know that property tax is a negotiable item based on several economic and market factors. Lower property tax means immediate higher cash flow and better NOI (Net Operating Income). Better NOI translates to higher value of your property to help refinance or sell your property. Here is a quick checklist to help re-evaluate your Property Tax bill.
- Review your Property Tax Bill: The County Tax office assess the value of your property and send a Tax notice based on that assessment. This assessment value may or may not reflect the correct market value of the property. If you think the assessment is too high, you have the option to appeal.
- Check the deadline for appeal: Depending on the county your commercial property is in, your property tax notice is usually sent in spring/ summer with a 45 day period to appeal or contest the assessment value. Failure to meet the appeal deadline results in a forfeiture of appeal rights for the tax year.
- Do your research to appeal your case: A detailed research on the current market value of similar properties in your area should be done. Also examine the current economic conditions to determine if the valuation is correct.
- Submit your appeal request to county appraiser: If you have done your research and feel your property value assessment is high, you can approach the county appraiser to negotiate.
Most times, Property owners do not have the time or the resources to do the research on the market value of their property and hence lose the opportunity to save on their Property Taxes. Property Tax Consulting firms can offer assistance in evaluating your commercial property, analyze financial and relevant data, file an appeal on behalf of the property owner. Savings on Property Taxes can make a significant improvement to your cashflow in situations like these. But the point to remember is to take immediate action when you receive your tax bill.
*Raj Shah is the Founder and President of “Property Tax America” located in Atlanta, Georgia. In business since 2009 and has successfully negotiated/ lowered property tax on hundreds of Commercial (Motels/Hotels) properties in Georgia and surrounding states of South Carolina, North Carolina, Alabama, Mississippi. Contact Raj at 404-395-8841 or email at rajshah@propertytaxllc.com for more information or free review of your commercial property Tax.website:www.propertytaxllc.com)
